Stocks Hold Gains; Close Up Almost 3%
10 June 2010 No Comment
Big move in stocks! Not only did the broad indices hold their gains, but they closed with pretty good strength. A few big movers:
- British Petroleum (BP) – You have to have a strong stomach to trade this guy. Down 10% one day. Up 10% the next. I’m staying away from this, although as I mentioned, I’m watching Transocean (RIG) very closely. If it breaks $40 per share, I may add to my position.
- Brunswick Corporation (BC) – The shares of the boat manufacturer jumped over 8% today. I’ve had terrible timing trading this guy on the short side. It might be worth watching to see if it runs higher into some resistance for a possible short entry point.
- Philip Morris Int’l (PM) – This stock moved 2% which is big for a slow moving guy like PM. The cause for the gains is likely tied to the jump in the Euro. Don’t chase this one, there is more weakness to come in the Euro over the short term I think, which means lower PM entry points most likely.